RICHMOND GEORGE STREET BREWERS LANE - 55-56 & 2-8 - Green & Partners
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55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
PRIME, WELL SECURED, GREATER LONDON, HIGH STREET RETAIL INVESTMENT
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
INVESTMENT SUMMARY
• Richmond upon Thames, is one of London’s most popular and
prosperous boroughs offering a rare blend of urban and rural
qualities within a major capital city.
• An affluent borough population of approximately 196,000
persons (GLA 2015) and a compact primary catchment
population of circa 106,000 which is supplemented by a
thriving tourist industry.
• An established and busy commercial centre with a flourishing
retail and leisure offer encompassing an extensive array of mass
market and specialist retailers including M&S, House of Fraser,
H&M, Topshop/Topman, Tesco, WH Smith, Anthropologie,
Reiss, Gant, Jo Malone, Molton Brown, Crew and Links.
• An attractive Tudor building occupying a corner site on a 100%
prime pitch at the centre of George Street.
• Occupiers in the immediate vicinity include Top Shop, H&M,
Gant, Smiggle, Holland & Barrett, Natwest, HSBC and
Anthropologie.
• The property is let to Whibleys The Jewellers Limited
t/a N. Courlander Jewellers with 52.5 years left unexpired.
• Current passing rent of £95,000 pax.
• Inherently reversionary.
• Offers in excess of £2,225,000 (Two Million, Two Hundred
and Twenty Five Thousand Pounds), subject to contract and
exclusive of VAT for the freehold interest reflecting a net initial
yield of 4%, allowing for graduated purchasers costs of 6.33%.
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
Richmond Rail & Richmond Bridge
George
Underground Station Street Hill Street
RICHMOND
PARK
NORTH
SHEEN
EAST
TWICKENHAM
RICHMOND
RICHMOND
GREEN
ATHLETIC
GROUND
Whole Foods
Marks River Thames
Ebay UK HQ
& Spencer
Tesco
Hill Street
House of Fraser
Richmond Riverside
RICHMOND
Richmond upon Thames is one of London’s most popular and
affluent boroughs and is a highly sought after residential destination
for young professionals, families and celebrities who are attracted to
its rich history, royal connections, extensive parkland, architecture and
UXBRIDGE I RC
U LA
R
amenities. Tourism generates an estimated total annual economic King’s Cross
C
St Pancras
TH
International
benefit of £469 million drawing an average ofREGENTS
4.5 million visitors Islingt
R
Euston
NO
PARK Station
every year. Maida Vale A5
Clerkenwell
M25
NORT H CIR CU L A R
Marylebone
North Acton A501 Bloomsbury
Notting Hill Paddington
Ealing
Broadway
Shepherds Bush
West End
A40 Soho
Hayes Marble Arch Covent Garden
Ealing
Yiewsley Common Acton Central A219 Holland Park
Ealing Acton HYDE PARK
SOUTHALL Mayfair
Acton Town Kensington Waterloo
West Drayton
A40
South Acton A315
GUNNERSBURY Knightsbridge A302
PARK HAMMERSMITH
4
15 M4 Chiswick Park Eleph
VICTORIA
& Ca
3 2 Hammersmith Lambeth
Gunnersbury Earls Court
OSTERLEY 1 A4
Chelsea
PARK A3
M4 Brentwood Kew Bridge
Chiswick
A4 Vauxhall
Kew
A4 A315
Barnes Fulham
M25 A205
Cranford
TERMINAL 5
KEW
TERMINAL 1, 2 & 3 GARDENS Battersea Stockwell
A307
A3
14
Heathrow A 20 5 S OUTH CIRCU L A R
Clapham Junction
Brixton
TERMINAL 4 A315
Richmond Putney
Hounslow
Putney
RICHMOND Wandsworth
A30
A316
TWICKENHAM
RICHMOND
13
A30 Feltham Twickenham PARK
A3
A30
M25 1
Wimbledon
M3 Kingston
upon Thames
12
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
Road Rail Air
The town has excellent road communications. The A307 Richmond is served by mainline South West trains which Heathrow, the UK’s largest international airport, is
runs directly through the town centre providing access provides regular direct services to London Waterloo located circa 11 miles (18km) to the west via the M4,
to Kingston upon Thames, 4 miles (6.4km) to the south (8 trains per hour) with a fastest journey time of 19 minutes providing services to a wide variety of both domestic and
and ultimately the M25 (J10) via the A3. The A316 (Dual and Windsor and Reading, with approximate journey times international destinations. Gatwick Airport is located 30
Carriageway) is located immediately to the north of Richmond Train of 50 and 70 minutes respectively. The town is also served by London miles (48km) to the south and approximately 45 minutes distant by car.
Station and connects with the M3 motorway circa 6 miles (9.7km) to Underground via the District Line and the London Overground.
the east.
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
CATCHMENT & DEMOGRAPHICS
Richmond upon Thames has a primary catchment population of
106,000 and an estimated 280,000 persons within a 15 minute drive-
time. There is an over representation of adults aged 25-44 and children
aged under 14 highlighting the proliferation of young working age
families and a growing population. In a recent survey conducted
by Rightmove, Richmond was voted the happiest place to live in
London.
The population in Richmond is very affluent and per capita spending is
above the national average. In addition, there is a significantly above
average percentage of working age adults categorised within the
most affluent AB social group. Experian categorise 46.25% of the
population (within the 15 minute drive-time) as being within the
City Prosperity Mosaic.
Population affluence is further evidenced by positive house price
growth, which in Richmond upon Thames in 2015 was 32% higher than
the Greater London average. Indeed, residential property values in
Richmond have increased significantly over the past 10 years rising by
an estimated 105.4% on average.
The Richmond office sector is focused on media, technology
and financial services. Ebay, Paypal, Gumtree and Graze are
represented, earning the town the nickname, ‘Silicon on Thames’.
RBS, British American Tobacco, Philip Morris & Company, Serco
and GSA Capital are also major employers in the borough, while
GlaxoSmithKline, BskyB and Samsung amongst others all have
significant UK headquarters nearby. In addition, the Royal British
Legion Poppy Factory is based in Richmond where 32 million
Remembrance poppies and 80,000 wreaths are produced annually.
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
55-56 & 2-8 GEORGE STREET BREWERS LANE RICHMOND
RETAILING IN RICHMOND
Richmond is a busy and popular commercial business centre with
a flourishing retail offer encompassing an extensive array of mass
market and specialist retailers which attracts a significant number of
tourists and visitors. The compact nature of the town centre means
there is little threat to the existing retail offer from new, large scale
developments and Richmond is forecast to see a significant above
average percentage growth in comparison spending by 2021.
Richmond’s prime retail activity is focused on George Street with
House of Fraser anchoring its southern end with other notable
retailers represented including M&S, H&M, Topshop/Topman, Boots,
Tesco, WH Smith, Anthropologie, Reiss, Massimo Dutti, Gant, Jo
Malone, Molton Brown, Crew, Office and Links.
The pitch at the top end of George Street is increasingly synonymous
with high end retailers and food operators including Whole Foods,
Tesco, Pret a Manger, Leon, Itsu, Joe & The Juice , Lulu Lemon and
Sweaty Betty.
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
DESCRIPTION
Occupying a 100% prime pitch, the premises are known as 55/56
George Street and 2/8 Brewers Lane and are arranged on basement,
ground, first and second floors. The ground floor, part first and
second is occupied by the head tenant and trades as N. Courlander
Jewellers. The remainder of the premises, parts first, second and
basement has been sublet to WT Skin accessed via an entrance to
the left hand side of the George Street elevation at ground floor level.
The building benefits from a prominent return frontage onto Brewers
Lane, which acts as a busy cut through to The Green, where a number
of pubs, dwellings and offices are located. The property is located
within the Central Richmond Conservation Area.
ACCOMMODATION
Address Floor sq ft sq m
Whibleys occupied space ITZA 553 n/a
GF Sales 1,286 119
FF Anc 360 33
FF Anc 344 32
55-56 George Street & 2-8 Brewers Lane
SF Anc 414 38
Sublet FF 261 24
SF 229 21
Basement 90 8
TOTAL 2,984 275
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
TENURE
Freehold.
TENANCY
The property is entirely let to Whibleys The Jewellers Ltd t/a N Courlander Jewellers on a 99 year lease
from 3rd November 1970 expiring 2nd November 2069 providing an unexpired term of 52.5 years. The rent
is reviewed every seven years, the next being in on 3rd November 2019. The property is part sublet to a
beauty operator, details of which are available on request.
The current passing rent is £95,000 per annum which devalues to £220 Zone A. The devaluation of the
passing rent takes into account a positive allowance for return frontage onto George Street (3%) and
review pattern (2%) as well as negative allowances for the unexpired term (25%) and restrictive user clause
prescribed within the lease (10%).
We believe the property to be reversionary taking into account the recent Ole & Stein letting at 59 George
Street, which reflected £230.50 Zone A net effective. There is a potential opportunity to re-gear the
occupational lease onto more standard institutional terms therefore increasing the global rental value to
£149,000 per annum, in line with the current market rate.
TENANT COVENANT
Whibleys the Jewellers Ltd (Company No: 4547282) is a family run Jewellery business with four stores in
Surrey and Sussex (Worthing, Richmond, Guildford and Horsham). The business has been established since
1894 with the Richmond store opening in 2007. The company’s financial results show an increase in both
asset base and net worth year on year since 2013.
Year Ending Year Ending Year Ending
31st Oct 2015 31st Oct 2014 31st Oct 2013
Tangible Net Worth £985,280 £809,381 £527,989
Net Current Assets £1,455,249 £1,334,829 £1,163,968
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMONDINVESTMENT COMPARABLES
Date Town Street Tenants Lot Size Initial Yield
May-17 Chichester 2-3 East Street RL Austin £3,500,000 3.95%
May-17 Winchester 26 High Street Accessorize £1,680,000 4.10%
Dec-16 Chichester 16/17 North Street WH Smith £3,850,000 4.00%
Sep-16 Chichester 4 East Street Oasis £2,550,000 3.69%
Jul-16 Canterbury 11 High Street Costa Coffee £2,400,000 3.33%
VAT
The property has been elected for VAT and it is the aim that any disposal will be by way of
a Transfer of a Going Concern (TOGC).
PROPOSAL
We have been instructed to seek offers in excess of
£2,225,000 (Two Million, Two Hundred and Twenty Five Thousand Pounds), Subject to
Contract & Exclusive of VAT, which reflects a net initial yield of 4% allowing for graduated purchaser’s
costs of 6.33%.
55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND55-56
& 2-8 GEORGE STREET
BREWERS LANE
RICHMOND
FURTHER DETAILS
For further information or to arrange an inspection please contact:
Ed Smith
020 7659 4831
ed.smith@greenpartners.co.uk
Patrick Over
020 7659 4832
patrick.over@greenpartners.co.uk
Simona Malinova
020 7659 4826
simona.malinova@greenpartners.co.uk
MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy
himself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office.
June 2017. Adrian Gates Photography & Brochures 07710 316 991You can also read
